The head of the Securities and Exchange Commission said his agency has no authority or intention to ban cryptocurrency.
Responding to a question about cryptocurrencies during a hearing before the House Financial Services Committee, Gensler said:
We do not have such authority. Only Congress can ban cryptocurrencies. Our competence includes protecting investors. It is important for us to ensure that this market has regulations in place that will allow it to protect its investors and comply with money laundering regulations.
Additionally:
Many of the cryptocurrency tokens can indeed be considered investment contracts or notes or securities.
When asked about specific cryptocurrencies that should be subject to securities laws, he said:
I do not I will name no token, but I believe that securities laws are very clear - you are collecting money from investors who expect to profit from the work of other people - and this falls under securities law.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
According to cointelegraph.com
You May Also Like
El Salvador created a Bitcoin trust for currency exchange
The trust will allow local entrepreneurs to instantly convert bitcoins into US dollars.
Zelensky vetoed the law “On virtual assets”
The Law “On Virtual Assets,” adopted by Ukrainian deputies early last month, was returned by the President for reconsideration.
